Nearly a third of landlords surveyed across the UK have agreed to some form of rent reduction as a result of the pandemic, according to a poll undertaken by Accommodation.co.uk.
Some 30.3% of the 753 landlords surveyed said that they agreed to reduce their tenant’s rent, with common reasons why reductions and payment holidays were brought up including concerns around furlough, redundancy and job security.
The research also uncovered that 16.2% of those surveyed have some level of historic rental debt due to Covid-19 with the average rental arrears owed to landlords currently £2,523.
Despite this new data the rental market remains buoyant across the UK and the hybrid letting agency has seen an influx of tenants as lockdown measures ease and the economy recovers.
The survey certainly reflects an optimistic outlook with nearly a quarter – 23.4% – of respondents considering expanding their portfolio and investing in at least one further property this year.
Aaron Short, founder and CEO at Accommodation.co.uk, said: “At Accommodation.co.uk we are always listening to our landlords and tenants to understand the current needs of the market and this is why the National Landlord Index is so important.
“Clearly, the pandemic has had an adverse effect for so many, and it is so encouraging to see landlords reacting when required with some form of rent reduction.
“At Accommodation.co.uk we have certainly seen the market recovering quickly and the outlook is very optimistic with many property investors aiming to expand their portfolios.”